A statement on United's website said, "Manchester United plc has reached agreement with adidas for a global technical sponsorship and dual branded licensing deal for a minimum guarantee of GBP 750 million, subject to certain adjustments, beginning with the 2015-2016 campaign.

"For the 2014-15 season, Nike will continue in its role of technical sponsor and trademark licensee."

In a statement last week, Nike spokesman Nigel Powell said United were "a great club with passionate fans" and added: "We are proud to have partnered them for the last 12 years and will continue to sponsor the club until the end of the 2014-15 season.

"Any partnership with a club or federation has to be mutually beneficial, and the terms that were on offer for a renewed contract did not represent good value for Nike's shareholders. We look forward to a successful final season with the club."